Senior Florida US Senator Rick Scott is once again calling for the removal of Federal Reserve Chairman Jerome “Jay” Powell. Scott’s concerns range from inflation and ethics violations to a roughly $1 billion cost overrun of a Fed’s new headquarters renovation project.
Scott accused Powell of fostering a “culture of corruption” and overseeing widespread fraud management at the central bank. The Florida Senator was a longtime critic of Powell’s leader, claiming that the chairman’s policy decisions and lack of fiscal discipline had hurt American families and contributed to rising costs.
“We cannot underestimate the harm that Powell has inflicted on the American economy and American life,” Scott said. “For years he has been arguing that inflation is temporary and that Biden’s obstacles are made from rubber.”
Scott pointed to the escalating costs of renovations to the Fed’s headquarters, which is reportedly reportedly exceeding $3 billion, as the latest example of Powell’s “lack of obligation.” He also highlighted ethical concerns during Powell’s tenure, reporting hundreds of ethical violations by Fed officials and bipartisans calling for an increase in surveillance.
In addition to criticizing the Fed’s spending, Scott has been troubled with his $6.7 trillion balance sheet, operating loss of $77 billion last year, and how he managed the collapse of institutions like Silicon Valley Bank. “The American people will agree that changes have been postponed for a long time,” he said.
The statement follows a series of legislative efforts by Scott aimed at increasing oversight of the Federal Reserve. Over the past few months, he has joined forces with both Republican and Democrat colleagues to promote independent inspector generals and more robust ethics enforcement at the central bank.
Scott’s latest comments add to Powell’s long history of public responsibilities dating back to 2021. This includes repeated demands for tougher fiscal policies, criticism of the inflationary message and a call to reduce the Fed’s balance sheet.
Jay Powell was appointed Fed Chairman in 2018 by President Donald Trump and re-appointed by President Biden in 2021, defending the central bank policies needed to stabilize the economy amid the Covid-19 pandemic and subsequent inflationary pressures.
